In Switzerland, the world’s leading financial center known for its stability and reliability, discussions in banking and investment circles have recently focused on potential ownership changes at EFG International. This powerful bank, based in Zurich, is significantly influenced by Greek businessman Spyros Latsis, who holds a 45.4% stake through EFG (European Financial Group) Bank, a purely Swiss institution under his complete control.
Two weeks ago, there were talks about another Swiss powerhouse, Julius Baer, nearing a deal to acquire EFG, which would have created a financial giant with over $600 billion in assets and significant influence in private banking. However, the deal fell through.
Yesterday, new scenarios emerged. This time, interest in EFG International comes from J. Safra Sarasin, owned by the Safra family, led by Vicky Safra, the wealthiest Greek woman in the world with a family fortune exceeding $20.4 billion, ranking 94th on the Forbes list.
Vicky Safra was born in Thessaloniki and emigrated to Brazil in the 1950s with her family, but she has never forgotten her Greek roots. She retains her Greek citizenship, speaks Greek fluently, frequently visits Greece, and now spends most of her time in Switzerland.
Vicky Safra, along with her children, oversees a global giant with activities in various business sectors, primarily banking. Despite her significant influence, she remains relatively unknown in Greece.
A “Modern Cinderella” Story
Her life, which resembles a modern fairy tale, started when she met Joseph Safra, who would become one of the world’s leading bankers, at the age of 17. They moved to São Paulo, where they lived together for 50 years.
Her journey could be likened to a soap opera, filled with family conflicts, intrigues, and adventures, but it is a real-life story of action, billion-dollar businesses, ups and downs, incredible wealth, and prestigious real estate investments worldwide. Her life also includes significant social and charitable work.
Many refer to her as the “female Onassis,” possibly due to both their migrations to South America and their immense wealth. However, this comparison is not entirely accurate. While Onassis was a self-made man, Vicky Safra inherited a banking empire with assets estimated at $90 billion at the time. She has managed it well, but it was her husband who built it, with her valuable help and support. Together with her children, she has continued his legacy as a worthy heir.
Growing Richer Every Year
Forging the fortune of Vicky Safra, now the richest Greek woman and the second wealthiest individual in Brazil (behind only Eduardo Saverin, Facebook co-founder), took four continents, three generations, and nearly two centuries of history. As the heir, along with her children, to the vast fortune of her late husband, who passed away in 2020, she has seen this wealth rise to new heights annually.
In her youth, Vicky was described as a dark, sparkling beauty, a trait that time has scarcely diminished, even as she crosses the threshold of 70. Born in Thessaloniki, she holds both Greek and Brazilian citizenship, and for over a decade, she has resided in Crans Montana, Switzerland, a haven for the world’s rich and famous.
Her mansion, situated opposite Sophia Loren’s, reflects her status. Vicky’s family, the Sarfatis, of Jewish origin, moved to Brazil in 1960 when she was a child. They developed close ties with the Safra family, also Jewish, who arrived in São Paulo three years later. From this connection, her future husband emerged.
Joseph Safra later confessed, “It was love at first sight, a love that would last until the last moment of life,” regarding his relationship with Vicky. Together, they had four children—Jacob, Esther, Alberto, and David—who are also heirs to the empire.
From 1840 the Caravans in Aleppo
The origins of the Safra fortune trace back to the 1840s in Aleppo, Syria. Five generations ago, the Safra family established Safra Frères & Cie, a small financial bank supporting trade missions. This bank provided resources for camel caravans traversing the Middle East under the Ottoman Empire. The successful venture later expanded to Alexandria and Constantinople.
With the Ottoman Empire’s decline, the Safras shifted their operations to Beirut. In 1929, Joseph Safra’s father, Jacob, founded Jacob E. Safra Bank. Later, Jacob, along with his sons Joseph, Edmund, and Moses, moved to Brazil, seizing post-war business opportunities. They founded Safra Importação e Comércio, trading in machinery, metals, cattle, and livestock products. The significant leap into banking occurred in 1972 with the acquisition of Banco das Indústrias, leading to the group’s worldwide expansion.
Banking Giant
Joseph Safra succeeded his father and became a major figure in the global financial system. The Safra Group grew in private banking, wealth management, real estate, telecommunications, commodity trading, and the paper industry. Today, the group controls Banco Safra SA, Safra National Bank of New York, and J. Safra Sarasin of Switzerland, managing nearly $85 billion in banking assets. Safra National Bank of New York operates branches in New York, Florida, Mexico, Brazil, Argentina, Chile, and Uruguay. J. Safra Sarasin, headquartered in Basel, is the sixth-largest Swiss bank with a presence in 26 locations across Europe, Asia, the Middle East, and Latin America. It was formed in 2013 when the Safra group acquired Bank Sarasin and merged it with Bank Jacob Safra Switzerland.
Business Philosophy
Under Vicky Safra’s guidance, her sons Jacob and David seek to continue and expand the empire. J. Safra Sarasin has acquired Bank of Montreal’s private banking businesses in Hong Kong and Singapore. Banco Safra has taken over Credit Agricole’s private banking and asset management operations in Brazil. The group also boasts a $2.3 billion property portfolio, including the Gherkin skyscraper in London and the 660 Madison Avenue building in Manhattan. They also hold a stake in Chiquita Brands International.
Jacob Safra wrote in J. Safra Sarasin’s annual report, “I am convinced that the group has the scale and strength to meet the needs of its clients for generations to come as we look forward to another 180 years of resilience and performance.”
The Family Civil War
Vicky Safra’s rise to the 15th richest woman in the world was marred by family conflicts. In 2019, Alberto Safra, the third child, left the group to found ASA Investments, a competitive asset management company. Due to this move, Joseph Safra excluded Alberto from his will, leaving his estate to Vicky and their other three children.
In February last year, Alberto sued his mother and brothers Jacob and David, alleging they illegally removed a portion of his holdings in Safra National Bank in New York. He also claimed his father, who was battling illness, was improperly influenced during the will’s creation.
Away from the Limelight
Throughout their half-century together, Vicky Safra has consistently shunned the public eye, earning her the title of “discreet guardian of a global empire” by Bloomberg.
Safety concerns, particularly in Brazil where they lived for decades, coupled with their Jewish heritage, have been pivotal in their preference for privacy. Urban legends even suggest their extensive security team—comprising their four children and fourteen grandchildren—was trained by the Mossad or composed of former Israeli secret service members.
At their son David’s wedding to Tami Katan in São Paulo in May 2012, hosted at the legendary Bufê Mansâo França with 1,800 guests, security was paramount. Beyond the usual security personnel, an additional 300 Mossad agents were reportedly deployed.
The Social Project
Vicky Safra’s rare public appearances are typically associated with her philanthropic endeavors. In 2022, she established the “Vicky and Joseph Philanthropic Foundation” in honor of her late husband, supporting healthcare, education, art, and culture. The foundation is a major benefactor of two private hospitals in Brazil—Albert Einstein and Sírio-Libanês—and donated Albert Einstein’s original Theory of Relativity manuscript to the Israel Museum in Jerusalem.
Their daughter, Esther, manages the “Beit Yaacov” school in São Paulo, founded by the family foundation. Vicky’s elder sister, Greta Sarfati, is an internationally acclaimed painter, photographer, and multimedia artist with exhibitions in New York, London, and Milan.
The Mansão Safra
A pinnacle of architectural and historical significance, Mansão Safra in São Paulo’s luxurious Morumbi district is an opulent masterpiece reminiscent of the Palace of Versailles. With its lush gardens and 130 rooms, every detail—from the majestic facade to the ornate frescoes on the ceilings—evokes the splendor of a bygone era. Brazilian media portrays it as more than a residence; it symbolizes the enduring legacy of Joseph Safra’s visionary spirit and commitment to excellence across generations.
